The European Central Bank Thursday agreed to ease the terms under which the Irish government repays €31 billion ($41.92 billion) of debts. Charles Forelle joins Markets Hub. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... I ... see the ECB president ... this morning ... the ECB came out this morning policy settings staying in a lower rate than expected ... Mario drug he ... was ... a ... sublime about the ease the euro ... bought the big news today is that the ECB agreed to ease ... some of the terms on Irish debt was incurred as part of the bailout ... that of a surprise there was then explained to us ... Charles Forelle is with us this morning come from overseas ... I'm sure all I know the scene in to spring this on the Irishman a birthday present ... Obama says he'll kind of been in the works ... it is this deal is better known works in many minds just a caution it's not entirely clear to what extent the ECB has ... fully bonds of the deal as presented by the Irish ... at the press campus today Marriott right he essentially said nothing other than to say ... there's nothing for me to do which in the complex language of the ECB ... interpretation suggests that he has agreed ... on at least not to stop ... Ireland the Irish plan going forward ... for now we'll see how that develops over time but ... it to make a long and complicated story short Ireland down incurred in effect ... a large debt to itself ... the country's top of that made a promise to a failing bank and said ... we'll pay you thirty billion euros over the course of a number of years ... I'm making those payments is costly to Ireland to cost three billion year as every March ... Iowa does not want to keep making these payments ... they finally reach an agreement with the ECB ... to slot that that promissory note for a long-term bond we all know precisely how long but down presumably ... ten twenty thirty forty years on the idea being that this this note was collateral that the ECB ... The euro European central banks are using ... aam Nance out of place but something it's easy for the Irish to deal ... it's a it's a big it's a big complicated banking mess up ... so simply stated colorful this is the IRA for what will this do for that ... it's un clear precise MSU will say this because we don't know the terms of the new long-term bond with which the promissory note is being replaced ... we do know is that the promotion of Acquires Ireland today to this bank three point one billion euros in March every March for a number of years ... so Daddy you know it's going to save the money I'm going forward ... it should ease their ability to return to the bond markets ... because they won't have this three point one billion euro payments that they have to make ... fun of Justice to make the pay the interest payments on whatever the ... this long-term ... out by Disney to know what is this can be less than three billion on toast quickly business when that some of the other wards of the state will be asking for some these terms its details isn't ... is a very good question to the city's original objection to I'm doing this sort of deal was that ... they didn't like the notion that the government can just create a bond to create a note and turn it into eligible collateral ... that the government's bankers Bank a state-owned ... continues to get cash from the ECB there always come through with that ... in in order to to make a pass the smell test they said you know the season a pretty rigorous tough times ... I'm now they're agreeing to soothe our boss sovereign bond which apparently is much less rigorous terms ... you can bet that they'll be some other countries if they end up in the situation last summer ... trials Pearl think very much appreciated